G20’s Financial Regulator Wants to Learn from Recent Banking Collapse
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The G20’s financial watchdog has today reported that the rules introduced after the 2007-09 financial crisis had managed to prevent contagion from the latest banking sector turbulence.
However, Klaas Knot, the FSB Chair, stated in a letter to G20 finance ministers and central bankers gathered in Washington that this market shock, which had its roots in the financial sector, had tested the G20’s financial reforms.
He has further noted that the “rapid and effective” actions by authorities in Switzerland, the United States and other countries had preserved global financial stability.
Despite this positive outcome, Knot warned that the outlook had become more complex, requiring continued vigilance.
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